May Employment Report: New Jobs Smash Expectations, Wages Not Keeping up with Inflation
Leisure and hospitality led hiring as wages rose 3.4% and job openings climbed to 7.618 million, the highest since May 2024, the Labor Department said.
- Nonfarm payrolls climbed 172,000 in May, more than double the Dow Jones consensus estimate, while the unemployment rate held steady at 4.3 percent.
- Leisure and hospitality led hiring with 70,000 new roles, far exceeding the 14,000 monthly average from the past year, while local governments added 55,000 and healthcare contributed 35,000.
- Job openings jumped by 731,000 to 7.618 million in April, the highest level since May 2024, according to the Labor Department's Labor Turnover Survey.
- National Economic Council Director Kevin Hassett attributed gains to administration policies, though Mark Hamrick of Bankrate cautioned that inflation remains a significant challenge for Americans.
- Wage growth of 3.4 percent lags behind 3.8 percent inflation, leaving many Americans facing affordability pressures as gas prices remain stuck above $4 per gallon.
11 Articles
11 Articles
Job Growth Doubles Expectations in May, Previous Months Revised Up
U.S. job growth in May doubled expectations and the gains in March and April were higher than initially reported, the U.S. Commerce Department’s Bureau of Labor Statistics (BLS) reported Friday.
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U.S. Labor Market Defies Economic Pressures as Hiring Surges in May
The U.S. labor market delivered another unexpectedly strong performance in May, offering fresh evidence that the economy continues to withstand significant challenges, including elevated energy ... The post U.S. Labor Market Defies Economic Pressures as Hiring Surges in May first appeared on [your]NEWS.
SMASHING RECORDS: Huge May Jobs Report DEMOLISHED All Expectations
Wages outplaced inflation. Yahoo Finance: The US economy added 172,000 jobs in May, blowing past expectations, according to the government’s closely watched jobs report. The unemployment rate remained flat at 4.3%. Economists surveyed by Bloomberg had anticipated payroll growth of 88,000 for the month. April’s jobs report — which itself was a massive beat — was also revised to show an even better 179,000 jobs gained, compared to the 115,000 repo…
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